Varian Medical Systems, a New York-listed supplier of medical technology for treating cancer with radiotherapy, has invested $15m in US-based peer Augmenix for a minority stake but with a milestone-based option to buy out the remaining shares.
Augmenix was founded by Incept, a holding company set up by Amar Sawhney and Fred Khosravi to hold the patents on water-based gels, in 2008. Centure capital firms Ascension Health Ventures, Catalyst Health Ventures, Pinnacle Ventures, and the Sparta Group initially funded Augmenix.
Augmenix chief executive Sawhney previously started Confluent Surgical (sold to what is now called Covidien for $245m) and I-Therapeutix using these so-called hydrogels.